Pan American Silver (PAAS) AI Stock Analysis

• Market Cap: $25.24B
• Dividend Yield: 1.08%
• Average Volume (3M): 1.10M
• Price to Earnings (P/E): 24.7
• Beta (1Y): 1.96
• Revenue Growth: 25.04%
• EPS Growth: N/A
• Country: CA
• Employees: 9,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): 0.67
• Shares Outstanding: 422,047,000
• 10 Day Avg. Volume: 1,071,748
• 30 Day Avg. Volume: 1,103,759
• PEG Ratio: -0.33
• Price to Book (P/B): 1.56
• Price to Sales (P/S): 2.60
• P/FCF Ratio: 18.32
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 6.26
• Enterprise Value/Gross Profit: 19.93
• Enterprise Value/Ebitda: 13.36
• 1Y Price Target: $64.94
• Price Target Upside: 8.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 3.05
• Revenue Forecast (FY): $4.94B

• Rating: 80 Outperform
• Price Target: C$69.00 ▲(15.38% Upside)

Pan American Silver's strong financial performance and positive earnings call are the most significant factors driving the overall score. The company's robust growth, profitability, and strategic developments, such as increased silver production guidance and dividend, contribute to a positive outlook. While the technical analysis suggests caution due to potential overbought conditions, and the valuation indicates a relatively high P/E ratio, the overall sentiment remains favorable.

Positive Factors

Revenue Growth

Pan American Silver's consistent revenue growth, surpassing expectations, indicates strong demand for its products and effective market strategies, supporting long-term financial stability.

Cash Generation

Strong cash flow generation enhances financial flexibility, allowing Pan American Silver to invest in growth opportunities and manage debt effectively, ensuring long-term operational resilience.

Strategic Acquisition

The acquisition of MAG Silver is poised to strengthen Pan American Silver's production capabilities and cost efficiencies, bolstering its competitive position and growth prospects.

Negative Factors

Operational Challenges

Operational challenges in gold production could impact profitability and growth, highlighting potential risks in meeting production targets and maintaining cost efficiency.

Geotechnical Issues

Geotechnical issues and negative grade reconciliation at key sites may lead to increased costs and production delays, affecting the company's operational efficiency and profitability.

Regulatory Delays

Ongoing regulatory delays at the Escobal mine could hinder production timelines and revenue generation, posing a risk to operational stability and growth.

Pan American Silver Business Overview & Revenue Model

Company Description

Pan American Silver Corp., together with its subsidiaries, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines in Canada, Mexico, Peru, Argentina, and Bolivia. It holds interests in the La Colorada, Dolores, Huaron, Morococha, Shahuindo, La Arena, Timmins West, Bell Creek, Manantial Espejo, San Vicente, Joaquin, Cap-Oeste Sur Este, and Navidad mines. The company was formerly known as Pan American Minerals Corp. and changed its name to Pan American Silver Corp. in April 1995. Pan American Silver Corp. was incorporated in 1979 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Pan American Silver generates revenue primarily through the sale of silver and gold, which are its core products. The company operates a diversified portfolio of mining assets, producing not only silver but also other metals such as copper, zinc, and lead. Revenue is significantly driven by the global market prices of these metals, with silver sales accounting for a substantial portion of total earnings. Additionally, Pan American Silver engages in strategic partnerships and joint ventures that allow for shared resources and expertise in mining operations. The company also benefits from cost management initiatives, operational efficiencies, and a focus on expanding its resource base through exploration projects, further enhancing its revenue potential.

Pan American Silver Financial Statement Overview

Summary

Pan American Silver demonstrates a solid financial position with strong revenue growth, improved profitability, and efficient cash generation. The company has managed to enhance its margins and returns while maintaining a conservative leverage profile. The financial statements reflect a positive outlook with potential for continued growth and stability.

Income Statement

Pan American Silver has shown strong revenue growth with a 4.21% increase in TTM compared to the previous year. The gross profit margin improved significantly to 28.39% in TTM from 19.46% in 2024, indicating better cost management. The net profit margin also increased to 16.77% in TTM, reflecting enhanced profitability. The EBIT and EBITDA margins have strengthened, showcasing operational efficiency. Overall, the income statement reflects a positive growth trajectory and improved profitability.

Balance Sheet

The company's debt-to-equity ratio remains low at 0.17 in TTM, indicating conservative leverage. Return on equity improved to 10.94% in TTM, showing better returns for shareholders. The equity ratio is stable, suggesting a strong equity base. The balance sheet reflects financial stability with manageable debt levels and improved shareholder returns.

Cash Flow

Operating cash flow increased significantly, with a strong operating cash flow to net income ratio of 1.52 in TTM, indicating robust cash generation. Free cash flow grew by 27.60% in TTM, enhancing financial flexibility. The free cash flow to net income ratio of 0.70 in TTM suggests efficient cash conversion. Overall, the cash flow statement shows strong cash generation and growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.25B	2.82B	2.32B	1.49B	1.63B	1.34B
Gross Profit	1.02B	548.50M	214.60M	48.36M	367.94M	360.18M
EBITDA	1.52B	1.05B	476.80M	22.07M	554.87M	539.07M
Net Income	634.10M	111.50M	-103.70M	-340.06M	97.43M	177.88M
Balance Sheet
Total Assets	9.15B	7.20B	7.21B	3.25B	3.52B	3.43B
Cash, Cash Equivalents and Short-Term Investments	910.80M	887.30M	440.90M	142.34M	335.27M	279.06M
Total Debt	857.00M	803.30M	801.60M	226.84M	45.86M	33.56M
Total Liabilities	2.52B	2.49B	2.44B	1.05B	882.58M	828.04M
Stockholders Equity	6.62B	4.70B	4.76B	2.20B	2.63B	2.60B
Cash Flow
Free Cash Flow	746.10M	400.80M	71.20M	-242.78M	148.63M	283.76M
Operating Cash Flow	1.05B	724.10M	450.20M	31.91M	392.11M	462.31M
Investing Cash Flow	-380.80M	-32.60M	397.90M	-255.40M	-186.66M	-83.92M
Financing Cash Flow	-238.00M	-225.20M	-551.80M	52.97M	-85.91M	-329.59M

Pan American Silver Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 59.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PAAS, the sentiment is Positive. The current price of 59.8 is above the 20-day moving average (MA) of 51.89, above the 50-day MA of 52.28, and above the 200-day MA of 41.64, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 67.56 is Neutral, neither overbought nor oversold. The STOCH value of 82.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PAAS.

Pan American Silver Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAAS	80 Outperform	$25.24B	24.72	11.27%	1.08%	25.04%	―
FVI	74 Outperform	$4.21B	12.57	15.63%	―	7.61%	915.74%
AG	71 Outperform	$9.32B	111.13	3.44%	0.15%	88.70%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MAG	57 Neutral	―	―	―	―	―	73.65%
AYA	55 Neutral	C$2.01B	-130.21	0.71%	―	241.04%	-80.07%
DSV	48 Neutral	$5.59B	171.53	11.03%	―	―	―

Pan American Silver Corporate Events

Pan American Silver Reports Strong Q3 2025 Financial Results

Pan American Silver Corp. reported its unaudited financial results for the third quarter of 2025, showing a significant increase in revenue and mine operating earnings compared to the previous year. The company’s revenue for the quarter was $854.6 million, up from $716.1 million in the same period last year, while mine operating earnings rose to $313 million from $175.7 million. This financial performance reflects the company’s strategic investments and operational efficiencies, positioning it strongly within the mining industry and enhancing its appeal to stakeholders.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$45.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Pan American Silver to Release Q3 2025 Results on November 12

On October 14, 2025, Pan American Silver Corp. announced that it will release its unaudited financial results for the third quarter of 2025 after market close on November 12, 2025. A conference call and webcast are scheduled for November 13, 2025, to discuss these results. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and operational progress, potentially impacting its market positioning and investor relations.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$62.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Pan American Silver Reports Updated Mineral Reserves and Resources

Pan American Silver Corp. announced its estimated mineral reserves and resources as of June 30, 2025, reporting significant quantities of silver and gold. The company’s exploration program at La Colorada has successfully replaced production and added new high-grade silver zones, enhancing the life of its operations. The recent acquisition of MAG Silver Corp. has not been included in this report, but it adds substantial interests in the Juanicipio silver mine and other projects, potentially impacting future resource estimates.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Pan American Silver Unveils High-Grade Discoveries at La Colorada Mine

Pan American Silver Corp. has announced the discovery of multiple high-grade silver zones at its La Colorada mine in Zacatecas, Mexico, as part of its ongoing exploration efforts. The new drill results indicate potential for significant expansion of silver mineral resources, which could extend the mine’s life and improve its economic viability. The discoveries, particularly in the San Geronimo and Cristina zones, highlight opportunities for further resource expansion and underscore the company’s strong positioning in the silver mining industry. This development is expected to have positive implications for the company’s operations and stakeholders.

The most recent analyst rating on (TSE:PAAS) stock is a Hold with a C$45.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Pan American Silver Completes Acquisition of MAG Silver, Strengthening Market Position

Pan American Silver Corp. has completed its acquisition of MAG Silver Corp., enhancing its position as a top silver producer. This transaction adds a 44% joint venture interest in the high-grade Juanicipio silver mine in Mexico and full ownership of the Larder and Deer Trail exploration projects. The acquisition is expected to significantly boost Pan American’s silver reserves, production, and cash flow, while also welcoming MAG shareholders to a larger, diversified silver and gold producer. The MAG shares will be delisted from the Toronto Stock Exchange and NYSE American, and Pan American is applying for MAG to cease being a reporting issuer under Canadian securities laws.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

COFECE Approves Pan American Silver’s Acquisition of MAG Silver

On August 25, 2025, Pan American Silver Corp. announced that the Mexican Federal Economic Competition Commission (COFECE) approved its acquisition of all issued and outstanding shares of MAG Silver Corp. The arrangement is expected to be completed by September 4, 2025, with MAG shareholders having until August 27, 2025, to choose between cash or a combination of cash and Pan American shares. This acquisition is significant for Pan American as it strengthens its position in the precious metals market, particularly in the Americas, and offers potential growth opportunities for stakeholders.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$51.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.

Pan American Silver’s Acquisition of MAG Silver Approved by Mexican Authorities

Pan American Silver Corp. has received approval from the Mexican Federal Economic Competition Commission for its acquisition of MAG Silver Corp., with the arrangement expected to be completed by September 4, 2025. This acquisition involves Pan American acquiring all outstanding common shares of MAG Silver, with shareholders having the option to receive cash or a combination of cash and Pan American shares. This strategic move is likely to enhance Pan American’s market position in the silver mining industry, while offering MAG shareholders a lucrative exit or investment opportunity.

The most recent analyst rating on (TSE:PAAS) stock is a Buy with a C$34.00 price target. To see the full list of analyst forecasts on Pan American Silver stock, see the TSE:PAAS Stock Forecast page.